Communication Services · NASDAQ: TTWO
Take-Two: how the business works
Take-Two Interactive publishes video games such as Grand Theft Auto, NBA 2K and Toon Blast for consoles, PCs and phones. FY2026 net revenue was $6.66 billion.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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Take-Two Interactive Software, Inc. · New York, New York · Founded 1993
Updated for Q1 FY2027 · checked
- Net revenue, FY2026
- $6.66B
- Net loss, FY2026
- $298.2M
- Recurrent consumer spending, share of FY2026 revenue
- 78.1%
- Five largest customers, share of FY2026 revenue
- 80.6%
- Full-time employees, Mar 31, 2026
- 12,909
The short version
Take-Two in 5 points
1 · What it sells
Take-Two publishes video games through its Rockstar Games, 2K and Zynga labels, including Grand Theft Auto, NBA 2K and phone games such as Toon Blast, with net revenue of $6,656.4 million in FY2026.
2 · Who pays it
In FY2026, players paid 93% of Take-Two's net revenue for games, add-ons and in-game items, and advertisers paid 7% for ads inside its free-to-play games.
3 · What it keeps from $100
Of every $100 of FY2026 revenue, Take-Two's costs came to $104.5, a net loss of $4.5, and its operating loss was $1.6 per $100 after $662.2 million of amortization of game intangibles.
4 · Where the operating profit comes from
Take-Two reports one segment and had an FY2026 operating loss of $104.2 million, while recurrent consumer spending, from in-game purchases, add-ons and in-game ads, brought in 78.1% of revenue.
5 · The one thing to watch
Take-Two said on Aug 7, 2026 that Grand Theft Auto VI is planned for Nov 19, 2026 and that it expects FY2027 Net Bookings of $8,000–8,200 million, against $6,721.0 million in FY2026.
Sources: From Take-Two's FY2026 10-K, Q1 FY2027 10-Q and Q1 FY2027 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2026
Where does $100 of Take-Two's money go?
Take-Two · FY2026
Receipt for every $100
| Cost of revenue (making, licensing and royalties) | $42.8 |
|---|---|
| Selling and marketing | $26.6 |
| Research and development | $16.1 |
| General and administrative | $13.1 |
| Depreciation and amortization, less reorganization credit | $2.9 |
| Interest, other costs and tax | $2.9 |
| Net loss (costs above money in) | −$4.5 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from the FY2026 10-K. Of every $100 of FY2026 net revenue ($6,656.4 million; there was no net other income, as interest and other was a net cost of $93.6 million), costs were $104.5, so the last line is a net loss of $4.5. The operating loss was $1.6 per $100. Cost of revenue includes $662.2 million of amortization of game intangibles, $9.9 per $100.
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02The business in one line
What does Take-Two do?
Players pay Take-Two for games and, even more, for in-game currency, add-ons and items; the money goes on making, licensing and marketing games, and in FY2026 costs were $104.5 for every $100 of revenue.
- Net revenue was $6,656.4 million in FY2026 (the year to Mar 31, 2026), up 18.2%. Recurrent consumer spending, money from in-game purchases, add-ons and in-game ads, was 78.1% of it.
- Take-Two made a net loss every year from FY2023 to FY2026. Cash from operations was $624.3 million in FY2026, after two negative years.
03Who pays it
Who pays Take-Two?
Players
93%
of revenue
People who buy full games, virtual currency, add-on content and in-game items on consoles, PCs and phones, mostly through platform stores. Game revenue was $6,162.1 million in FY2026.
Advertisers
7%
of revenue
Companies that pay to place ads and offers inside Take-Two's free-to-play games, mainly its mobile games. Advertising revenue was $494.3 million in FY2026.
- Players93%
- Advertisers7%
Customer concentration
Players pay mostly through a few platform stores, which count as Take-Two's customers. The five largest were 80.6% of FY2026 net revenue. Apple, Sony, Google and Microsoft each gave more than 10%; the 10-K lists their shares as 24.9%, 22.5%, 15.0% and 12.1% without saying which belongs to which.
- Largest customer
- 25%
- Top 5 customers
- 81%
04Why it makes money
Why does Take-Two make money?
A game costs years to build, then players keep paying inside it
Recurrent consumer spending was 64.8% of net revenue in FY2022 and 78.1% in FY2023, the first year with Zynga's mobile games, and again 78.1% in FY2026. Development cash goes out years before release: $688.9 million in FY2026, recorded as an asset and charged as cost after launch ($412.8 million of amortization and impairment that year).
Recurrent consumer spending, share of net revenue
64.8%78.1%
FY2022 to FY2026
- Studios spend years and large budgets building a game
- The game launches through console, PC and phone stores
- Players buy virtual currency, add-ons and items for years
- That recurring spending pays for live updates and new games
- New releases bring players back to the franchise
↺ Step 5 feeds back into step 1.
05The numbers · Consolidated · US$
How has Take-Two done?
Revenue
$6.7BFY2026
Net revenue rose from $3,504.8 million in FY2022 to $6,656.4 million in FY2026, with the jump in FY2023, the first year with Zynga, and was $1,533.9 million in Q1 FY2027.
US$
See the numbers
Net profit
−$298MFY2026
Take-Two reported a net loss every year from FY2023 to FY2026, including goodwill impairments of $2,342.1 million in FY2024 and $3,545.2 million in FY2025; the FY2026 net loss was $298.2 million.
US$
See the numbers
Profit kept per $100 of revenue
−$4.5FY2026
Gross profit per $100 of revenue was $57.2 in FY2026, up from $41.9 in FY2024, while the operating loss was $1.6 per $100; stock-based compensation was $305.3 million, 4.6% of revenue.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$462MFY2026
Cash from operations was $624.3 million in FY2026 after two negative years, and free cash flow $461.5 million; the $688.9 million spent on game development sits inside operating cash flow, not capital spending.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on Mar 31 (FY2026 = Apr 1, 2025 to Mar 31, 2026)). Net profit is the share belonging to the company's owners.
Download Take-Two's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained · Stock-based compensation and dilution: pay that becomes shares
Sources (8)
- Form 10-K, fiscal year 2024 (year ended Mar 31, 2024)
- Form 10-K, fiscal year 2022 (year ended Mar 31, 2022)
- Form 10-K, fiscal year 2026 (year ended Mar 31, 2026)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q4 and fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2027 (8-K Ex. 99.1)
- Form 10-Q, Q1 fiscal 2027 (quarter ended Jun 30, 2026)
06Who runs it
Who runs Take-Two, and did they deliver?
Strauss Zelnick
Executive chairman and chief executive officer · since 2011
Executive chairman since 2008 and CEO since 2011. Serves under the management agreement with ZMC, where he is a partner.
Karl Slatoff
President · since 2013
President since May 2013, also under the ZMC management agreement.
Lainie Goldstein
Chief financial officer · since 2007
CFO since June 2007. Her FY2026 total compensation was $11,299,530.
What they said, and what happened
3 delivered · 1 missed · 3 too early to tell
Said on Nov 6, 2024
FY2025 Net Bookings of $5.55–5.65 billion (reiterated).
DeliveredWhat happened
FY2025 Net Bookings were $5,648.0 million, inside the range.
Said on May 15, 2025
FY2026 Net Bookings of $5.9–6.0 billion (first outlook).
DeliveredWhat happened
The range was raised three times, to $6.65–6.7 billion by Feb 3, 2026. FY2026 Net Bookings were $6,721.0 million.
Said on May 15, 2025
FY2026 GAAP net loss of $439–499 million (first outlook).
DeliveredWhat happened
The FY2026 net loss was $298.2 million, smaller than the range.
Said on May 2, 2025
Grand Theft Auto VI planned for release on May 26, 2026.
MissedWhat happened
On Nov 6, 2025 the company moved the date to Nov 19, 2026.
Said on May 2, 2025
Sequential increases in, and record levels of, Net Bookings in fiscal 2026 and 2027.
Too early to tellWhat happened
FY2026 Net Bookings of $6,721.0 million were above FY2025's $5,648.0 million. FY2027 has not been reported.
Said on May 21, 2026
FY2027 Net Bookings of $8,000–8,200 million and GAAP net revenue of $7,900–8,100 million (reiterated Aug 7, 2026).
Too early to tellWhat happened
FY2027 ends on Mar 31, 2027.
Said on Aug 7, 2026
Q2 FY2027 Net Bookings of $1,620–1,670 million, net revenue of $1,420–1,470 million and a net loss of $140–157 million.
Too early to tellWhat happened
Q2 FY2027 results had not been filed on EDGAR by Nov 6, 2026.
Sources (12)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Earnings release, Q2 fiscal 2025 (8-K Ex. 99.1)
- Form 10-K, fiscal year 2025 (year ended Mar 31, 2025)
- Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
- Form 10-K, fiscal year 2026 (year ended Mar 31, 2026)
- Form 8-K (Item 7.01) Ex. 99.1: Grand Theft Auto VI planned for May 26, 2026; Net Bookings expectations
- Earnings release, Q4 and fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2027 (8-K Ex. 99.1)
- EDGAR filing list, Take-Two Interactive Software, Inc. (CIK 0000946581)
07What could go wrong
What could go wrong for Take-Two?
- Execution
Results depend on a few hit games
The five best-selling franchises were 54.3% of FY2026 net revenue, and Grand Theft Auto products 12.4%. Grand Theft Auto VI moved from May 26, 2026 to Nov 19, 2026.
Watch Whether Grand Theft Auto VI releases on Nov 19, 2026, and FY2027 Net Bookings against the $8,000–8,200 million range given on Aug 7, 2026.
- Concentration
A few platform owners sell most of its games
The five largest customers were 80.6% of FY2026 net revenue; Apple, Sony, Google and Microsoft each gave more than 10%. Sony and Microsoft must approve each title for their consoles, and platform owners influence store fees.
Watch Changes to store fees or console license terms; the new Xbox license signed Sep 28, 2026.
- Execution
More write-downs of acquired businesses
Goodwill impairments were $2,342.1 million in FY2024 and $3,545.2 million in FY2025. On Mar 31, 2026 goodwill was still $1,061.9 million and other intangible assets $1,653.2 million.
Watch Any further impairment, and amortization and impairment of intangibles ($725.7 million in FY2026).
- Debt
Notes coming due
Debt was $2,519.7 million on Jun 30, 2026. $600.0 million of 3.70% notes are due Apr 14, 2027 and $800.0 million of 4.95% notes Mar 28, 2028.
Watch How the $600.0 million due Apr 14, 2027 is repaid or refinanced, and net debt ($693.1 million on Jun 30, 2026).
- Competition
Competition in mobile games
Mobile was 50.1% of FY2026 net revenue. The 10-K names many competitors, including Playrix, Playtika and Tencent. Mobile revenue was $762.3 million in Q1 FY2027, against $801.7 million a year earlier.
Watch Mobile net revenue each quarter, and advertising revenue ($494.3 million in FY2026, against $656.1 million in FY2024).
- Governance
Losses and a growing share count
Take-Two made a net loss every year from FY2023 to FY2026. Shares outstanding rose from 115.4 million on Mar 31, 2022 to 185.4 million on Mar 31, 2026, and stock-based payPay given as shares instead of cash, which spreads ownership more thinly. Learn more was $305.3 million in FY2026.
Watch GAAP net income against the $104–143 million FY2027 range given on Aug 7, 2026, and the share count each quarter.
Sources (7)
- Form 10-K, fiscal year 2026 (year ended Mar 31, 2026)
- Form 8-K (Item 7.01) Ex. 99.1: Grand Theft Auto VI planned for May 26, 2026; Net Bookings expectations
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2027 (8-K Ex. 99.1)
- Form 8-K (Item 1.01): new long-term Xbox Publisher License Agreement with Microsoft
- Form 10-K, fiscal year 2025 (year ended Mar 31, 2025)
- Form 10-K, fiscal year 2022 (year ended Mar 31, 2022)
08Both sides
What do supporters and critics point to?
What supporters point to
- Net revenue rose 18.2% to $6,656.4 million in FY2026, and Net Bookings, the company's measure, were $6,721.0 million.
- Recurrent consumer spending was 78.1% of FY2026 net revenue.
- Cash from operations was $624.3 million in FY2026, after negative years in FY2024 and FY2025.
- FY2026 Net Bookings of $6,721.0 million were above the $5.9–6.0 billion range first given on May 15, 2025.
- Net debt fell from $2,195.6 million on Mar 31, 2025 to $528.7 million on Mar 31, 2026, after the May 2025 share sale (Cityfort calculation from the FY2026 10-K).
What critics point to
- Take-Two made a net loss every year from FY2023 to FY2026, $298.2 million in FY2026 and $34.1 million in Q1 FY2027.
- Goodwill impairments totaled $5,887.3 million in FY2024 and FY2025.
- Grand Theft Auto VI moved from May 26, 2026 to Nov 19, 2026.
- The five largest customers were 80.6% of FY2026 net revenue.
- Take-Two paid ZMC, the firm of its CEO and President, $66,818,000 for FY2026, and shares outstanding rose from 115.4 million to 185.4 million between Mar 31, 2022 and Mar 31, 2026.
09What to watch next
What should you watch next at Take-Two?
Next event
Q2 FY2027 results
Date not announced yet.
Grand Theft Auto VI release
Whether it launches on Nov 19, 2026, the date the company restated on Aug 7, 2026, after two earlier dates.
Q2 FY2027 results
Reported figures against the ranges given on Aug 7, 2026: Net Bookings of $1,620–1,670 million, net revenue of $1,420–1,470 million and a net loss of $140–157 million.
FY2027 outlook
Whether the company keeps its FY2027 ranges of $8,000–8,200 million of Net Bookings and $104–143 million of GAAP net income.
Notes due Apr 14, 2027
How Take-Two repays or refinances the $600.0 million of 3.70% notes.
10Key dates
What are the key dates for Take-Two?
| Event | Date | Source |
|---|---|---|
| Grand Theft Auto VI planned releaseAs stated by the company on Aug 7, 2026, for PlayStation 5 and Xbox Series X|S. | Earnings release, Q1 fiscal 2027 (8-K Ex. 99.1) | |
| Convertible notes from Zynga due$29.4 million of principal on Mar 31, 2026. | Form 10-K, fiscal year 2026 (year ended Mar 31, 2026) | |
| Fiscal 2027 ends | Form 10-K, fiscal year 2026 (year ended Mar 31, 2026) | |
| $600.0 million of 3.70% notes due | Form 10-K, fiscal year 2026 (year ended Mar 31, 2026) | |
| $800.0 million of 4.95% notes due | Form 10-K, fiscal year 2026 (year ended Mar 31, 2026) | |
| ZMC management agreement ends | Form 10-K, fiscal year 2025 (year ended Mar 31, 2025) |
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained
11Key facts
Key facts about Take-Two
- What does Take-Two do?
- Take-Two Interactive Software makes and publishes video games for consoles, PCs and phones through three labels: Rockstar Games (Grand Theft Auto, Red Dead Redemption), 2K (NBA 2K, Borderlands, WWE 2K) and Zynga (mobile games such as Toon Blast). Take-Two had net revenue of $6,656.4 million in FY2026 (the year to Mar 31, 2026) and 12,909 full-time employees on Mar 31, 2026, 9,998 of them in development studios.
- How does Take-Two make money?
- Take-Two makes most of its money from what players spend inside its games. In FY2026 (the year to Mar 31, 2026), recurrent consumer spending (virtual currency, add-on content, in-game purchases and in-game ads) was $5,196.6 million, 78.1% of Take-Two's $6,656.4 million net revenue; sales of full games and other items were $1,459.8 million, 21.9%.
- What is Take-Two's business model?
- Take-Two's business model is to spend years building a game, sell it mostly as a digital download through platform stores, and keep earning as players buy virtual currency, add-ons and items. In FY2026, 97.0% of Take-Two's net revenue came from digital sales and 78.1% from recurrent consumer spending.
- Is Take-Two profitable?
- Take-Two is not profitable on a GAAP basis: its net loss was $298.2 million in FY2026 and $34.1 million in Q1 FY2027 (the quarter to Jun 30, 2026). Take-Two's net losses were $3,744.2 million in FY2024 and $4,478.9 million in FY2025, which included goodwill impairments of $2,342.1 million and $3,545.2 million.
- What is Take-Two's revenue by segment?
- Take-Two reports one operating segment, so it gives no segment profit. By platform, Take-Two's FY2026 net revenue was 50.1% from mobile ($3,333.0 million), 39.0% from console ($2,597.3 million) and 10.9% from PC and other ($726.1 million).
- Who are Take-Two's customers?
- Players buy Take-Two's games mostly through platform stores, so its direct customers are few. Take-Two's five largest customers were 80.6% of FY2026 net revenue; four of them, Apple, Sony, Google and Microsoft, each gave more than 10%.
- How much of Take-Two's revenue comes from Grand Theft Auto?
- Grand Theft Auto products, published by Take-Two's Rockstar Games label, were 12.4% of Take-Two's net revenue in FY2026, against 30.9% in FY2022. Take-Two's five best-selling franchises were 54.3% of FY2026 net revenue.
- How big is Take-Two's 2K label and NBA 2K?
- Take-Two does not report revenue by label. Its FY2026 10-K says NBA 2K added $416.9 million and Borderlands $210.3 million to Take-Two's net revenue compared with FY2025, the two largest increases it lists.
- How much does Take-Two earn from mobile games (Zynga)?
- Take-Two's mobile net revenue was $3,333.0 million in FY2026, 50.1% of the total, up from $403.4 million in FY2022, before Take-Two bought Zynga in May 2022. Take-Two's main mobile titles in FY2026 included Toon Blast, Match Factory!, Empires & Puzzles and Color Block Jam.
- Who owns Take-Two?
- Take-Two has one class of common stock, with one vote per share, and no controlling holder. In its 2026 proxy table (Jul 15, 2026), Take-Two's officers and directors as a group held 1.12%; in Schedule 13GA filing by anyone who owns more than 5% of a company's shares and does not seek control. Learn more filings, Vanguard Capital Management reported 7.09%, State Street 6.5% and Saudi Arabia's Public Investment Fund 6.2%.
Sources (8)
- Form 10-K, fiscal year 2026 (year ended Mar 31, 2026)
- Earnings release, Q1 fiscal 2027 (8-K Ex. 99.1)
- Form 10-K, fiscal year 2022 (year ended Mar 31, 2022)
- Form 10-K, fiscal year 2025 (year ended Mar 31, 2025)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Schedule 13G, Vanguard Capital Management (event Mar 31, 2026)
- Schedule 13G, State Street Corporation (event Mar 31, 2026)
- Schedule 13G/A, The Public Investment Fund, Saudi Electronic Games Holding Company and The Saudi Fourth Investment Company (event Dec 29, 2025)
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- Revenue vs net income
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does Take-Two sell?
Rockstar Games
The label behind Grand Theft Auto and Red Dead Redemption. Grand Theft Auto products were 12.4% of FY2026 net revenue. Rockstar plans to release Grand Theft Auto VI on Nov 19, 2026, the company said on Aug 7, 2026.
2K
Sports and action games, including NBA 2K, Borderlands, WWE 2K and Mafia. NBA 2K added $416.9 million and Borderlands $210.3 million to net revenue in FY2026.
Zynga (mobile games)
Phone games such as Toon Blast, Match Factory!, Empires & Puzzles and Color Block Jam, mostly free to play. Mobile was $3,333.0 million, 50.1% of FY2026 net revenue.
Spending inside games
Virtual currency, add-on content, in-game purchases and in-game ads, which Take-Two calls recurrent consumer spending: $5,196.6 million, 78.1% of FY2026 net revenue.
Think of it like this
Like a film studio whose biggest films keep selling tickets for years, because viewers keep paying to see new scenes.
What it does
- Does: Builds games in its own studios: 9,998 of its 12,909 staff work in development
- Does: Sells mostly digital copies: 97.0% of FY2026 net revenue
- Does: Earns from in-game purchases and from ads in its free-to-play games
- Does: Publishes on PlayStation, Xbox, PC and phones
What it does not do
- Does not: Does not make consoles or run the main console and phone stores; Sony, Microsoft, Apple and Google do
- Does not: Does not report revenue or profit by label: it has one operating segment
- Does not: Does not count Net Bookings, its headline measure, as revenue
- Does not: Has never paid a cash dividend
13How the money flows
13How the money flows · FY2026
How does money flow through Take-Two?
Money in
- Net revenue (games $6,162.1M, advertising $494.3M)$6.7B
The company
Take-Two
$6.7B came in
Money out
- Cost of revenue (product costs, game intangibles amortization, licenses, royalties)$2.8B
- Selling and marketing$1.8B
- Research and development$1.1B
- General and administrative$874M
- Depreciation and amortization $198.5M, less a $4.4M reorganization credit$194M
- Interest and other, net $93.6M, and income tax $100.4M$194M
- Net loss−$298M
- Players and advertisers paid Take-Two $6,656.4 million of net revenue in FY2026.
- Cost of revenue took $2,846.7 million, including $662.2 million of amortization of game intangibles and $463.5 million of license costs.
- Selling and marketing cost $1,770.8 million and research and development $1,074.6 million.
- After $874.4 million of general and administrative costs and depreciation, the operating loss was $104.2 million.
- After $93.6 million of net interest and other costs and $100.4 million of tax, the net loss was $298.2 million.
14What it needs to run
14What it needs to run
What does Take-Two need to run?
Game developers
12,909 full-time employees on Mar 31, 2026, including 9,998 in development studios.
Years of development spending
Take-Two spent $688.9 million on game development and licenses in FY2026 that it records as an asset until release. The balance was $2,346.3 million on Mar 31, 2026.
Platform approval
Take-Two needs licenses from Sony and Microsoft to publish on their consoles, approved title by title. It signed a new long-term Xbox publisher license with Microsoft on Sep 28, 2026.
Licenses and royalties
Content licenses, such as those with sports leagues and players associations, and royalties to developers. Licenses cost $463.5 million and software development costs and royalties $439.8 million in FY2026 cost of revenue.
15Where it sells
15Where it sells · FY2026
Where does Take-Two sell?
- United States59%
- International41%
16Competitors and what protects it
16Competitors and what protects it
Who does Take-Two compete with?
Electronic Arts
Named in the 10-K as another game company competing with Take-Two.
Sony
Makes games for its own PlayStation consoles; Take-Two also needs Sony's license to publish there, and Sony is one of its four largest customers.
Microsoft
NASDAQ: MSFT
Makes games for its own Xbox platform; Take-Two also needs Microsoft's license to publish there, and Microsoft is one of its four largest customers.
Roblox
NYSE: RBLX
Named in the 10-K as another game company competing with Take-Two.
Tencent
Named in the 10-K as another game company competing with Take-Two.
What protects the business
Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.
- Owned hit franchises4 of 5
Take-Two's five best-selling franchises, including Grand Theft Auto and NBA 2K, were 54.3% of FY2026 net revenue.
- Recurring spending by players4 of 5
Recurrent consumer spending was $5,196.6 million, 78.1% of FY2026 net revenue.
- Studio scale3 of 5
9,998 staff in development studios on Mar 31, 2026, and $688.9 million spent on game development and licenses in FY2026.
Weak spot
Reliance on a few platform owners
The five largest customers were 80.6% of FY2026 net revenue. Sony and Microsoft are also competitors whose licenses Take-Two needs, title by title, to publish on their consoles.
17Where growth could come from
17Where growth could come from
Where could Take-Two's growth come from?
In its Q1 FY2027 earnings release (Aug 7, 2026), Take-Two said it expects FY2027 GAAP net revenue of $7,900–8,100 million, Net Bookings of $8,000–8,200 million and GAAP net income of $104–143 million. It said Grand Theft Auto VI is planned for Nov 19, 2026 on PlayStation 5 and Xbox Series X|S.
Grand Theft Auto VI
BehindPlanned for Nov 19, 2026
On May 2, 2025 the company set May 26, 2026 as the release date. On Nov 6, 2025 it moved the date to Nov 19, 2026, and restated it on May 21 and Aug 7, 2026.
Status: Behind, behind the company's own plan.
NBA 2K
Working+$416.9 million, FY2026
NBA 2K added $416.9 million to FY2026 net revenue, the largest increase the 10-K lists. The company's Aug 7, 2026 earnings release listed NBA 2K27 for Sep 4, 2026.
Status: Working, on track against what the company said.
Borderlands 4
Working+$210.3 million, FY2026
Borderlands, with Borderlands 4 released in September 2025, added $210.3 million to FY2026 net revenue.
Status: Working, on track against what the company said.
Mobile games
Mixed$762.3 million, Q1 FY2027
Mobile net revenue rose from $2,942.0 million in FY2025 to $3,333.0 million in FY2026, helped by Color Block Jam (+$206.6 million). In Q1 FY2027 it was $762.3 million, against $801.7 million a year earlier.
Status: Mixed, partly on track.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
Sources (5)
- Earnings release, Q1 fiscal 2027 (8-K Ex. 99.1)
- Form 8-K (Item 7.01) Ex. 99.1: Grand Theft Auto VI planned for May 26, 2026; Net Bookings expectations
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q4 and fiscal 2026 (8-K Ex. 99.1)
- Form 10-K, fiscal year 2026 (year ended Mar 31, 2026)
18The company's own measures (non-GAAP)
18The company's own measures · FY2025, FY2026 and Q1 FY2027
What do Take-Two's own measures show?
Official (GAAP): Net revenue, FY2026
$6.7B
Company's own measure: Net Bookings, FY2026
$6.7B
Take-Two's definition: the net amount of products and services sold digitally or sold-in physically in the period, including licensing, merchandise, in-game ads and publisher incentives. It is an operating measure, not revenue; the gap comes from revenue spread over time (deferred revenue).
Official (GAAP): Net revenue, Q1 FY2027
$1.5B
Company's own measure: Net Bookings, Q1 FY2027
$1.4B
Net Bookings fell 3% from a year earlier, as Take-Two states, while net revenue rose from $1,503.8 million to $1,533.9 million.
Official (GAAP): Net loss, FY2026
−$298M
Company's own measure: EBITDA as Take-Two defines it, FY2026
$761M
Leaves out interest, taxes, depreciation, and amortization and impairment of acquired intangibles. This page's EBITDAOperating profit before wear-and-tear charges (depreciation and amortization). As a margin: per $100 of sales. ($787.9 million) is operating loss plus depreciation and amortization from the cash flow statement.
Official (GAAP): Net loss, FY2025
−$4.5B
Company's own measure: EBITDA as Take-Two defines it, FY2025
$199M
Take-Two's reconciliation for FY2025 also adds back the $3,545.2 million goodwill impairment.
Official (GAAP): Net loss, Q1 FY2027
−$34.1M
Company's own measure: EBITDA as Take-Two defines it, Q1 FY2027
$167M
Same items left out. The quarter's cost of revenue included a $43.4 million impairment after Take-Two decided not to continue an unannounced title from a third-party developer.
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
19Financial strength and debt
19Financial strength · Jun 30, 2026
How much debt does Take-Two have?
- Total debt$2.5B
- Cash and investments$1.8B
- Net debt (debt minus cash)$693M
- Net worth (shareholders' money)$3.6B
- Debt to equity
- 0.7×
- $ of debt for every $1 of shareholders' money
- Net debt = short-term debt $629.9 million + long-term debt $1,889.8 million − cash $1,364.9 million − short-term investments $461.7 million = $693.1 million (Cityfort calculation from the Q1 FY2027 earnings release). On Mar 31, 2026 it was $528.7 million (Cityfort calculation from the FY2026 10-K).
- Senior notes were $2,500.0 million of principal on Mar 31, 2026, all unsecured: $600.0 million at 3.70% due Apr 14, 2027, $800.0 million at 4.95% due Mar 28, 2028, $300.0 million at 5.40% due 2029, $500.0 million at 4.00% due 2032 and $300.0 million at 5.60% due 2034.
- Short-term debt rose to $629.9 million on Jun 30, 2026 because the $600.0 million of notes due Apr 14, 2027 became current; $29.4 million of convertible notes from Zynga are due Dec 15, 2026.
- A $1,000.0 million unsecured revolving credit line, maturing May 19, 2030, was undrawn on Mar 31, 2026.
- Not counted as debt: operating lease liabilities of $71.5 million (current) and $353.5 million (non-current) on Jun 30, 2026.
20Who owns it
20Who owns it · ownership as of Jul 15, 2026
Who owns Take-Two?
- Officers and directors (as a group), shares
- 1.1%
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did Take-Two's insiders report trading?
Take-Two's insiders made 57 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 97 sales (733,048 shares) in the open market or privately (codes P and S).
65 of the 97 sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 35 other share transactions (A: 22, G: 6, D: 4, J: 3).
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- A
- a grant, award or other acquisition from the company under Rule 16b-3
- D
- shares handed back to the company under Rule 16b-3
- G
- a bona fide gift
- J
- another acquisition or disposition, described in a footnote
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 132 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Take-Two's Form 4 filings on EDGAR.
Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (6)
- Form 10-Q, Q1 fiscal 2027 (quarter ended Jun 30, 2026)
- Schedule 13G, Vanguard Capital Management (event Mar 31, 2026)
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Schedule 13G, State Street Corporation (event Mar 31, 2026)
- Schedule 13G/A, The Public Investment Fund, Saudi Electronic Games Holding Company and The Saudi Fourth Investment Company (event Dec 29, 2025)
- Schedule 13G, Vanguard Portfolio Management (event Sep 30, 2026)
21What it does with profit
21What it does with profit
What does Take-Two do with its profit?
Buyback · Mar 31, 2022
Common stock repurchased in FY2022 (cash flow statement). Take-Two bought back no shares from FY2023 to FY2026.
$200M
Money raised · Jun 10, 2024
$300 million of 5.40% notes due 2029 and $300 million of 5.60% notes due 2034, priced Jun 10, 2024.
$600M
Money raised · May 22, 2025
Offering of 4,750,000 common shares at $225.00 each, plus a 30-day option for 712,500 more; the 10-K puts the proceeds at approximately $1.2 billion.
$1.2B
Sources (4)
22Governance signals
22Governance signals
What do Take-Two's governance filings show?
- Auditor
- Ernst & Young LLP
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- CEO Strauss Zelnick and President Karl Slatoff are partners of ZMC, which Take-Two pays under a management agreement running to Mar 31, 2029. FY2026 compensation to ZMC was $66,818,000: a $3.3 million fixed fee, a $13.2 million annual incentive and stock awards with planning values of $50.3 million.
- Credit rating
- Moody's and S&P (as stated in Take-Two's Jun 10, 2024 note pricing term sheet) Baa2 (Moody's) / BBB (S&P) (Stable (Moody's) / negative (S&P), as of Jun 10, 2024), Jun 10, 2024
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
related party · Sep 17, 2026
Top executives are paid through ZMC
Take-Two paid ZMC, the firm of its CEO and President, $66,818,000 for FY2026. Including the most Zelnick could receive through ZMC, the CEO pay ratio was 467.15 to 1; on the summary compensation table alone it was 4.65 to 1. Say-on-pay passed on Sep 17, 2026 with 137.4 million votes for and 6.7 million against.
other · May 20, 2025
Large goodwill impairments
Take-Two wrote down goodwill by $2,342.1 million in FY2024 and $3,545.2 million in FY2025 for one reporting unit, after a reduction in its forecasted performance. The 10-K does not name the unit.
other · Sep 19, 2025
Share count has grown
Shares outstanding rose from 115.4 million on Mar 31, 2022 to 185.4 million on Mar 31, 2026, through the Zynga and Gearbox deals, the May 2025 offering and stock pay. In September 2025 shareholders added 5,200,000 shares to the stock incentive plan.
other · Sep 17, 2026
Officer liability limited in the charter
On Sep 17, 2026 shareholders approved a charter amendment limiting officers' personal liability as Delaware law allows, with 120.4 million votes for and 23.6 million against.
Sources (7)
- Form 10-K, fiscal year 2026 (year ended Mar 31, 2026)
- Form 8-K (Items 5.03, 5.07): 2026 annual meeting results and officer-exculpation charter amendment
- Definitive proxy statement (DEF 14A), 2026 annual meeting
- Form 10-K, fiscal year 2025 (year ended Mar 31, 2025)
- Free writing prospectus (pricing term sheet): 5.400% notes due 2029 and 5.600% notes due 2034, with ratings
- Form 10-K, fiscal year 2022 (year ended Mar 31, 2022)
- Form 8-K (Items 5.02, 5.07): 2025 annual meeting results; 2017 Stock Incentive Plan amendment (+5,200,000 shares)
23What the market paid
23What the market paid · price as of Nov 5, 2026
What did the market pay for Take-Two on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: Take-Two shares closed at $213.36 on Nasdaq, from Nasdaq's historical price table. Market value = $213.36 × 186,980,443 shares (Jul 27, 2026) = about $39,894.1 million (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q1 FY2027 10-Q cover). P/E (price ÷ earnings per share) is not shown because Take-Two reported a loss per share in FY2026 and in each of the last four quarters. From Nov 6, 2025 to Nov 5, 2026 the same table shows closes between $189.69 (Mar 27, 2026) and $258.41 (Jul 6, 2026).
- Share price
- $213.36
- Market value (market cap)
- $39.9B
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
6×
$39.9B market value ÷ $6.7B revenue (four quarters to Jun 30, 2026) = 6×
Cityfort calculation from the Nov 5, 2026 closing price and the Q2 FY2026 to Q1 FY2027 10-Qs and earnings releases. Source: TTWO historical prices (Nasdaq), daily closes Nov 6, 2025 to Nov 5, 2026; close of Nov 5, 2026; Form 10-Q, Q1 fiscal 2027 (quarter ended Jun 30, 2026); Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1) and 3 more
How price ratios workFree cash flow yield
1.2%
$462M free cash flow (FY2026) ÷ $39.9B market value = 1.2%
Cityfort calculation from the FY2026 10-K and the Nov 5, 2026 closing price. Source: TTWO historical prices (Nasdaq), daily closes Nov 6, 2025 to Nov 5, 2026; close of Nov 5, 2026; Form 10-Q, Q1 fiscal 2027 (quarter ended Jun 30, 2026); Form 10-K, fiscal year 2026 (year ended Mar 31, 2026)
What free cash flow means
Shares used for the market value: 186.98 million ($213.36 × 186.98 million shares ≈ $39.9B). Source: Form 10-Q, Q1 fiscal 2027 (quarter ended Jun 30, 2026)
Source: TTWO historical prices (Nasdaq), daily closes Nov 6, 2025 to Nov 5, 2026; close of Nov 5, 2026; Form 10-Q, Q1 fiscal 2027 (quarter ended Jun 30, 2026)
Sources (7)
- TTWO historical prices (Nasdaq), daily closes Nov 6, 2025 to Nov 5, 2026; close of Nov 5, 2026
- Form 10-Q, Q1 fiscal 2027 (quarter ended Jun 30, 2026)
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q4 and fiscal 2026 (8-K Ex. 99.1)
- Earnings release, Q1 fiscal 2027 (8-K Ex. 99.1)
- Form 10-K, fiscal year 2026 (year ended Mar 31, 2026)
24How it got here
24How it got here
How did Take-Two get here?
1993
Milestone
Take-Two incorporated
Take-Two Interactive Software was incorporated in Delaware in 1993.
2022
Business-model change
Zynga bought, mobile becomes the largest platform
Take-Two acquired Zynga on May 23, 2022. Mobile went from 11.5% of net revenue in FY2022 to 47.5% in FY2023, and net revenue rose 52.6%.
2024
Crisis
First large goodwill impairment
Take-Two wrote down $2,342.1 million of goodwill in FY2024 (year to Mar 31, 2024), and the net loss reached $3,744.2 million.
2024
Milestone
Gearbox bought, Private Division sold
Take-Two bought Gearbox on Jun 11, 2024 for an initial consideration of 2.8 million shares, and sold its Private Division label in October 2024.
2025
Crisis
Second goodwill impairment and a share sale
A further $3,545.2 million goodwill impairment took the FY2025 net loss to $4,478.9 million. In May 2025 Take-Two sold 4,750,000 shares at $225.00.
2025
Crisis
Grand Theft Auto VI date moved
On Nov 6, 2025 the company moved Grand Theft Auto VI from May 26, 2026 to Nov 19, 2026.
2026
Milestone
Revenue up 18.2% in FY2026
Net revenue reached $6,656.4 million in FY2026, with Borderlands 4, NBA 2K26 and Mafia: The Old Country among the releases. In September 2026 Take-Two signed a new long-term Xbox publisher license.
Sources (8)
- Form 10-K, fiscal year 2026 (year ended Mar 31, 2026)
- Form 10-K, fiscal year 2025 (year ended Mar 31, 2025)
- Form 10-K, fiscal year 2024 (year ended Mar 31, 2024)
- Form 10-K, fiscal year 2022 (year ended Mar 31, 2022)
- Form 8-K (Item 8.01): underwritten offering of 4,750,000 common shares at $225.00
- Form 8-K (Item 7.01) Ex. 99.1: Grand Theft Auto VI planned for May 26, 2026; Net Bookings expectations
- Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1)
- Form 8-K (Item 1.01): new long-term Xbox Publisher License Agreement with Microsoft
25Sources and changes
Where every number on this page comes from
Sources (26 documents)
- S1Form 10-K, fiscal year 2026 (year ended Mar 31, 2026) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 22, 2026
- S2Form 10-K, fiscal year 2025 (year ended Mar 31, 2025) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 20, 2025
- S3Form 10-K, fiscal year 2024 (year ended Mar 31, 2024) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 22, 2024
- S4Form 10-K, fiscal year 2022 (year ended Mar 31, 2022) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 17, 2022
- S5Form 10-Q, Q1 fiscal 2027 (quarter ended Jun 30, 2026) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
- S6Earnings release, Q1 fiscal 2027 (8-K Ex. 99.1) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2026
- S7Earnings release, Q4 and fiscal 2026 (8-K Ex. 99.1) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 21, 2026
- S8Earnings release, Q3 fiscal 2026 (8-K Ex. 99.1) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
- S9Earnings release, Q2 fiscal 2026 (8-K Ex. 99.1) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2025
- S10Earnings release, Q1 fiscal 2026 (8-K Ex. 99.1) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 7, 2025
- S11Earnings release, Q4 and fiscal 2025 (8-K Ex. 99.1) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2025
- S13Earnings release, Q2 fiscal 2025 (8-K Ex. 99.1) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2024
- S14Definitive proxy statement (DEF 14A), 2026 annual meeting · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 27, 2026
- S15Form 8-K (Item 1.01): new long-term Xbox Publisher License Agreement with Microsoft · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 30, 2026
- S16Form 8-K (Items 5.03, 5.07): 2026 annual meeting results and officer-exculpation charter amendment · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 22, 2026
- S17Form 8-K (Item 8.01): underwritten offering of 4,750,000 common shares at $225.00 · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 22, 2025
- S18Form 8-K (Item 7.01) Ex. 99.1: Grand Theft Auto VI planned for May 26, 2026; Net Bookings expectations · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 2, 2025
- S19Form 8-K (Items 5.02, 5.07): 2025 annual meeting results; 2017 Stock Incentive Plan amendment (+5,200,000 shares) · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 19, 2025
- S20Free writing prospectus (pricing term sheet): 5.400% notes due 2029 and 5.600% notes due 2034, with ratings · Take-Two Interactive Software, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jun 10, 2024
- S21Schedule 13G, Vanguard Portfolio Management (event Sep 30, 2026) · Vanguard Portfolio Management (SEC EDGAR) · Tier 1: company or exchange filing · Oct 30, 2026
- S22Schedule 13G, State Street Corporation (event Mar 31, 2026) · State Street Corporation (SEC EDGAR) · Tier 1: company or exchange filing · May 12, 2026
- S23Schedule 13G, Vanguard Capital Management (event Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S24Schedule 13G/A, The Vanguard Group (event Mar 13, 2026; 0 shares) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S25Schedule 13G/A, The Public Investment Fund, Saudi Electronic Games Holding Company and The Saudi Fourth Investment Company (event Dec 29, 2025) · The Public Investment Fund (SEC EDGAR) · Tier 1: company or exchange filing · Dec 31, 2025
- S26TTWO historical prices (Nasdaq), daily closes Nov 6, 2025 to Nov 5, 2026; close of Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
- S27EDGAR filing list, Take-Two Interactive Software, Inc. (CIK 0000946581) · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 6, 2026
Changes to this page (v1 · Nov 6, 2026)
- v1 · Nov 6, 2026First version (US edition), from the FY2022, FY2024, FY2025 and FY2026 10-Ks, the Q1 FY2027 10-Q, earnings releases from Q2 FY2025 to Q1 FY2027, the 2026 proxy statement, 8-Ks and Schedule 13G filings. (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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